Getting Outstanding Invoices Paid
Maintaining a healthy cash flow is the key to ensuring the survival and growth of any business. It fuels the day-to-day operations, unlocks new opportunities for expansion, and provides a strong foundation to overcome any unforeseen challenges. Timely invoice collection is the cornerstone of this financial vitality, and it is up to us to make it happen.
Tips for Dealing with Unpaid Invoices.
Clear Communication:
Open and transparent communication with clients is key. Articulate payment expectations, deadlines, and any consequences for delayed payments. A proactive approach to addressing potential issues can foster positive relationships while ensuring prompt payments.
Automated Invoicing Systems:
Utilising automated invoicing systems streamlines the billing process, reducing the chances of errors and delays. Automated reminders for overdue payments can serve as gentle nudges to clients, encouraging them to settle outstanding invoices promptly.
Offering Incentives and Discounts:
To encourage prompt payments, businesses may consider offering early payment incentives or discounts. This not only incentivises clients to settle invoices sooner but can also strengthen the business-client relationship.
Flexible Payment Plans:
In cases where clients may be facing financial constraints, offering flexible payment plans can be a proactive approach. Collaboratively finding solutions that accommodate both parties' needs can help maintain positive business relationships.
Thank you for reading!
Should you have any queries in regards to the above please contact our office on (03) 9728 1448
The TAS Team
3/653 Mountain Highway, Bayswater VIC 3153
Matej Buckovsky (CPA)
Accountant and SMSF Specialist/Registered SMSF Auditor
Matej is a Certified Practising Accountant with over 10 years of combined taxation, auditing, and business advisory experience.
Specialisations
Medical
Consultancy (Financial Services, Civil Engineers)
Logistics
Trades
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